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Daily Post Nigeria Published Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31 December 2020 and declared a Profit Before Tax of N5.784 billion. Commenting on the financial results, Banjo Adegbohungbe, noted that despite the volatile environment in 2020, the bank navigated the headwinds that characterised the year to deliver strong results. “In a year when the entire world grappled with the debilitating effects of the COVID-19 pandemic, we strengthened our partnerships with our customers and created sustainable value for our shareholders”, Adegbohungbe said. In the financial highlight, Profit Before Tax increased by 15% from N5.024 billion in 2019 to N5.784 billion in 2020; Total Assets grew by 63% from N253.35 billion in 2019 to N412.36 billion in 2020. Non-interest income grew by 23%, mainly driven by trading income that compensated for the declining yield environment in the market.

Coronation merchant bankCoronation merchant bank limitedAudited financial resultsProfit before taxBanjo adegbohungbeTotal assetsCustomer depositsProfit after taxShareholder fundsAdequacy ratioRegulatory loanFunding ratioIncome ratioNet interest marginNon performing loansMerchant bank